SUNBURY, Pa. — Weis Markets here on Tuesday said net earnings increased by 14.5% in the fiscal fourth quarter despite an extra week in the year-ago period.
Sales for the 13-week quarter, which ended Dec. 29, decreased by 5.9% to $694.3 million compared with the 14-week quarter last year. Adjusted for the extra week, Weis said sales were up by 1.1% and comparable sales were flat. Net earnings totaled $22.1 million.
"We continue to operate in an economy significantly impacted by slow economic growth, high unemployment and declining household income. As a result of these continuing trends, our customers were cautious in their spending in 2012," David J. Hepfinger, Weis Markets' president and chief executive officer, said in a statement. "We successfully worked through these challenges by efficiently managing and improving our stores and supply chain which helped us drive strong net income increases and maintain our market share. Our results also benefited from record investments in our store base, which will continue in 2013."
Read more: Weis Plans New Baltimore-Area Stores
For the 52-week period, Weis said net income increased 9.2% to $82.5 million compared with $75.6 million for the 53-week fiscal year in 2011. Sales decreased 1.9% to $2.7 billion, vs. the 53-week period in 2011, while comparable store sales decreased 2%. Adjusting for the extra week, sales and comps were flat.
|Suggested Categories||More from Supermarketnews|